v3.26.3
Noninterest Revenue and Noninterest Expense (Tables)
 9 Months Ended
Sep. 30, 2026
Noninterest Income (Expense) [Abstract]  
Components of investment banking fees
The following table presents the components of investment banking fees.
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Underwriting
Equity$562 $528 $1,865 $1,318 
Debt1,180 1,154 3,657 3,504 
Total underwriting1,742 1,682 5,522 4,822 
Advisory1,218 930 3,504 2,467 
Total investment banking fees
$2,960 $2,612 $9,026 $7,289 
Principal transactions revenue
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue by instrument type. This table excludes interest income and interest expense on interest-earning assets and interest-bearing liabilities recorded within net interest income. Refer to Note 6 for further information on interest income and interest expense.
The Firm’s businesses and other activities generally utilize a variety of instrument types in connection with their transactions; accordingly, the principal transactions revenue presented in the table below is not representative of the total revenue of any individual business or activity.
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Principal transactions revenue by instrument type
Interest rate(a)
$(142)$1,303 $1,733 $3,645 
Credit(b)
167 164 966 601 
Foreign exchange1,459 1,186 4,410 4,158 
Equity4,780 3,999 14,823 12,009 
Commodity252 468 1,578 1,475 
Total revenue by instrument type6,516 7,120 23,510 21,888 
Private equity losses— (11)— (16)
Principal transactions
$6,516 $7,109 $23,510 $21,872 
(a)Includes the impact of changes in funding valuation adjustments on derivatives.
(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.
Components of lending and deposit-related fees
The following table presents the components of lending- and deposit-related fees.
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Lending-related fees
$581 $554 $1,745 $1,647 
Deposit-related fees1,998 1,795 5,739 5,082 
Total lending- and deposit-related fees
$2,579 $2,349 $7,484 $6,729 
Components of asset management fees
The following table presents the components of asset management fees.
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Asset management fees
Investment management fees$5,790 $5,015 $16,745 $14,326 
All other asset management fees
107 105 325 300 
Total asset management fees
$5,897 $5,120 $17,070 $14,626 
Components of commissions and other fees
The following table presents the components of commissions and other fees.
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Commissions and other fees
Brokerage commissions$1,168 $917 $3,516 $2,765 
Administration fees
799 713 2,344 2,037 
All other commissions and fees(a)
617 574 1,820 1,629 
Total commissions and other fees$2,584 $2,204 $7,680 $6,431 
(a)Includes depositary receipt-related service fees, annuity and travel-related sales commissions, as well as other service fees, which are recognized as revenue when the services are rendered.
Components of card income
The following table presents the components of card income.
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Interchange and merchant processing income
$10,062 $9,218 $29,214 $26,775 
Rewards costs and partner payments(8,403)(7,614)(24,322)(21,749)
All other(a)
(231)(464)(926)(1,326)
Total card income
$1,428 $1,140 $3,966 $3,700 
(a)Predominantly represents the amortization of account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12-month period.
Components of other income
The following table presents certain components of other income.
Three months ended September 30,Nine months ended September 30,

(in millions)		2026202520262025
Operating lease income$1,238 $990 $3,598 $2,720 
Initial gain on the Visa share exchange— — 4,509 (a)— 
First Republic-related gain
— — — 628 (b)
(a)Relates to the initial gain recognized on May 11, 2026. Refer to Note 2 for additional information.
(b)Relates to the settlement of outstanding items with the FDIC in 2025.
Components of noninterest expense
Other expense on the Firm’s Consolidated statements of income includes the following:
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Legal expense$63 $62 $402 $301 
FDIC-related expense 371 258 1,053 549 
(a)
Operating losses284 301 850 1,001 
(a)Included an FDIC special assessment accrual release of $437 million for the nine months ended September 30, 2025.